During 2004 alone, the company advanced £6.3 billion in mortgage loans – a 31% increase on the previous year, in a market that only grew by 5%.
Following the merger of Private Label and RFC MSL, the CML estimated that GMAC-RFC was ranked 60th largest lender in the summer of 2000, based on 1999 gross advances.
In the last five years GMAC-RFC has enjoyed meteoric growth, overtaking 50 lenders and outgrowing the market rate of growth eleven fold.
Stephen Knight, Executive Chairman of GMAC-RFC, commented: “We are genuinely delighted to have achieved top ten lender status. GMAC-RFC now ranks amongst the best known lenders in the UK, and is no longer an organisation that is directly comparable to the specialist, niche lenders with whom we compete in certain markets. We had certainly hoped our 'mortgages for everyone' business strategy would mean continued success and this confirmation by the CML is exactly what we wanted to hear.”
Knight continued: “Our growth has been achieved by offering mortgages for everyone in all sectors of the market under one brand, with the competitiveness, breadth and innovation in the product range matched by market-leading service initiatives such as our instant, online binding decision where most other lenders offer DIPs.”
“As at the halfway point in 2005, we are on track to record double digit growth in a market that is likely to contract by about 20%. With the same drive and determination behind us that has seen us push through into top ten lender status, we see no reason for this unprecedented success to continue.”
